The following Tax practice note provides comprehensive and up to date legal information covering:
The international movement of capital rules should be considered whenever:
any non-UK tax resident subsidiary (referred to in this note as a foreign subsidiary or foreign company) is controlled directly or indirectly by a UK tax resident company, and
the foreign company's shares or debentures are issued or transferred, or
the foreign subsidiary becomes or ceases to be a controlling partner in a partnership (wherever that partnership is established)
In these cases, the reporting body (usually the top UK tax resident company of a group of companies who, alone or taken together with others, controls the foreign subsidiary) must submit a report to HMRC unless the event or transaction is:
worth no more than £100 million (taking into account the value of any events or transactions which are part of the same series of events or transactions)
The international movement of capital rules:
are found in Schedule 17 to the Finance Act 2009, and
the International Movement of Capital (Required Information) Regulations 2009, SI 2009/2192
With effect for events or transactions occurring on or after 1 July 2009, the international movement of capital rules replaced the Treasury Consent rules in section 765 of Income and Corporation Taxes Act 1988 (ICTA 1988) and the post-transaction reporting obligations involving movement of capital within the European Union in ICTA 1988, s 765A.
Key definitions are:
Control in relation to
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